Oregon Foreclosure Mediation Bill Signed Into Law

OR Gov. Kitzhaber

Oregon Governor John Kitzhaber signed SB 1552 into law on April 11th. The bill creates a foreclosure mediation program and requires banks to meet with borrowers who elect to participate. It also makes it illegal to initiate foreclosure proceedings while simultaneously negotiating a loan modification.

The bill passed in the final hours of the final day of the legislative session after a flurry of revisions in the House. Most of the policies in the law take effect July 12. In the meantime, the state attorney general is taking public comments on the new law, having established a rulemaking advisory committee. UTA is submitting comments produced by Deborah Kaufman, Regional Trustee Services; Linda Kidder, T.D. Service Company; and Michelle Mierzwa, Esq., Cal-Western Reconveyance.

Read summary of Oregon Foreclosure Mediation Law